English for fun and thought

Interpreting cartoons: Study the cartoon and answer the questions:

1. Is the king complaining or boasting of something?

2. Can a completely new economic system emerge as a result of “investing” in it?

3. What can “instructions” mean in this case?

Understanding economics jokes:

A physicist, a chemist and an economist are stranded on an island, with nothing to eat. A can of soup washes ashore. The physicist says, "Lets smash the can open with a rock." The chemist says, "Let’s build a fire and heat the can first." The economist says, "Let’s assume that we have a can-opener..."

Perceiving quotes about economists and economy:

· An economist is someone who knows the price of everything and the value of nothing.

· An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today. - Laurence J. Peter

· If all economists were laid end to end they would not reach a conclusion. -  George Bernard Shaw

 

 

Unit 4

 

CONSUMPTION, INCOME AND DECISION MAKING

Pre-reading competency focus

In this unit read to learn about the factors that influence you as a consumer and how to make rational consumer decisions.

Previewing: Each of us is a consumerbecause we all purchase goods and services to satisfy our needs and wants. We may purchase different goods, but we all take into consideration some of the same factors when we make purchasing decisions.

A lot depends on our ability to consume, or to make rational choice in the process of the decision-making.

 

Predicting: What things does our ability to consume depend on, in your opinion?

 

Vocabulary previewing: Match the words (A) and their definitions (B)

A

(1) consumer, (2) disposable income, (3) discretionary income,

(4) rational choice

B

(a)  Any person or group that buys or uses goods and services to satisfy    personal  needs and wants

(b)  Choosing the alternative that has the greatest value from among comparable quality  products

(c) Money income a person has left to spend on extras after necessities have been  bought

(d) Income remaining for a person to spend or save after all taxes have been paid

 

Skimming: A person’s ability to consume results in his or her earning power. Look through the text and find out facts influencing how much a person earns.